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The Fintech Opportunity
The FinTech Opportunity Thomas Philippon∗ March 2018 Abstract This paper assesses the potential impact of FinTech on the finance industry, focusing on financial stability and access to services. I document first that financial services remain surprisingly expensive, which explains the emergence of new entrants. I then argue that the current regulatory approach is subject to significant political economy and coordination costs, and therefore unlikely to deliver much structural change. FinTech, on the other hand, can bring deep changes but is likely to create significant regulatory challenges. JEL: E2, G2, N2 ∗Stern School of Business, New York University; NBER and CEPR. This paper was prepared for the 2016 Annual Conference of the BIS. I am grateful to my discussants Martin Hellwig and Ross Levine, and to Kim Schoenholtz, Anat Admati, Stephen Cecchetti, François Véron, Nathalie Beaudemoulin, Stefan Ingves, Raghu Rajan, Viral Acharya, Philipp Schnabl, Bruce Tuckman, and Sabrina Howell for stimulating discussions and/or comments on early drafts. 1 This paper studies the FinTech movement in the context of the long run evolution of the finance industry and its regulations. The 2007/2009 financial crisis has triggered new regulatory initiatives and has accelerated existing ones. I argue that the current framework has been useful but that it has run its course and is unlikely to deliver significant structural changes in the future. If regulators want to go further, they will need to consider alternative approaches that are likely to involve FinTech. FinTech covers digital innovations and technology-enabled business model innovations in the financial sector. Such innovations can disrupt existing industry structures and blur industry boundaries, facilitate strategic disin- termediation, revolutionize how existing firms create and deliver products and services, provide new gateways for entrepreneurship, democratize access to financial services, but also create significant privacy, regulatory and law- enforcement challenges. -
Programa Lacea-Lames
INDEX Welcome to Rio......................................................................................................................3 Synthetic Program ..................................................................................................................5 Sponsors - LACEA.................................................................................................................6 Sponsors - LAMES.................................................................................................................7 Chairs......................................................................................................................................8 LACEA Program Committee .................................................................................................9 LAMES Scientific Committee..............................................................................................11 Local Committee ..................................................................................................................12 General Information .............................................................................................................13 COMPLETE PROGRAM ....................................................................................................16 THURSDAY 20 November 2008…………………………………………………….. 16 FRIDAY 21 November 2008 ………………………………………………………… 43 SATURDAY 22 November 2008 ……………………………………………………. 65 SUNDAY 23 November 2008……………………………………………………....... 93 Index of Presenters .............................................................................................................106 -
Dilip Abreu ADDRESS
CURRICULUM VITAE NAME: Dilip Abreu ADDRESS: Department of Economics Princeton University Princeton, NJ 08544-1021 TELEPHONE: Office: (609) 258-4021 EDUCATION: Elphinstone College, Bombay University B.A. Economics/Statistics, 1975 Delhi School of Economics, Delhi University M.A. Economics/Econometrics, 1978 Balliol College, Oxford University M. Phil. Economics/Mathematical Economics, 1980 Princeton University Ph.D. 1983. Thesis: "Repeated Games with Discounting: A General Theory and an Application to Oligopoly" EMPLOYMENT: Assistant/Associate Professor Department of Economics, Harvard University 1984-1990 Professor Department of Economics, Princeton University 1990-1995 Professor Department of Economics, Yale University 1995-1997 Professor (Edward E. Matthews, Class of 1953, Professor of Finance and Professor of Economics) Department of Economics, Princeton University 1997-present PROFESSIONAL HONORS: Sloan Foundation Fellowship, 1988-1990 Fellow of the Econometric Society, elected 1991. Fellow of the American Academy of Arts and Sciences, elected 2001. Council Member of the Econometric Society, 2003-2008 Member of the Council of the Game Theory Society (GTS), 2011-2014. Economic Theory Fellow of the Society for the Advancement of Economic Theory (SAET) Elected, 2013. FELLOWSHIPS: Post-Doctoral Fellow, Institute for Mathematics and its Applications, University of Minnesota, Fall 1983 Post-Doctoral Fellow, Mathematical Sciences Research Institute University of California, Berkeley, Fall 1985 National Fellow, Hoover Institution, Stanford University, 1989-1990 Visiting Fellow, Russell Sage Foundation, N.Y., 1994-1995 BIBLIOGRAPHY "Repeated Games with Discounting: A General Theory and an Application to Oligopoly," unpublished Ph.D. dissertation, Princeton University, 1983. "On the Inconsistency of Certain Axioms on Solution Concepts for Non- Cooperative Games," (with D. Pearce), Journal of Economic Theory, October 1984. -
Attila Ambrus Employment: National Fellow, Hoover Institution, Stanford
Attila Ambrus 03/25/11 Department of Economics Harvard University Littauer Center 1875 Cambridge street Cambridge, MA 02138 Sex: Male Fax: (617) 495-8570 Phone: (617) 496-5168 Citizenship: Hungary Email: [email protected] http://post.economics.harvard.edu/faculty/ambrus/ambrus.html Employment: National Fellow, Hoover Institution, Stanford University, Sep 2009-June 2010 Research Economist, National Bureau of Economic Research (NBER) Apr 2009- Associate Professor, Harvard University, Department of Economics, Aug 2007- Assistant Professor, Harvard University, Department of Economics, July 2003- July 2007 Member, Institute for Advanced Studies (Princeton), September 2006-May 2007 Postgraduate Associate, Yale University/Cowles foundation, July 2002-June 2003 Degrees: Princeton University, PhD (Economics), 2003 June Princeton University, M.A., 2000 Budapest University of Economic Sciences, B.A., M.A., 1994 School Experience: Princeton University, PhD candidate, 1997-2002 SUNY at Stony Brook, PhD candidate, 1996-1997 Budapest University of Economic Sciences, 1989-1994 University College London, visiting student, 1993 PhD Thesis Title: Coalitional rationalizability Major Fields of Interests: Game Theory Experimental Economics Microeconomic Theory Industrial Organization Development Economics Economic History Principal Thesis Advisor: Professor Dilip Abreu Grants and fellowships: -National Science Foundation (NSF) grant for “Estimating compensated discount functions” (with Jawwad Noor), 2008 -National Science Foundation (NSF) grant for “Informal -
Fall 05 Reporter.Qxd
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics National Bureau of Economic Research (NBER) (Ed.) Periodical Part NBER Reporter Online, Volume 2005 NBER Reporter Online Provided in Cooperation with: National Bureau of Economic Research (NBER), Cambridge, Mass. Suggested Citation: National Bureau of Economic Research (NBER) (Ed.) (2005) : NBER Reporter Online, Volume 2005, NBER Reporter Online, National Bureau of Economic Research (NBER), Cambridge, MA This Version is available at: http://hdl.handle.net/10419/61988 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), -
Are Markets Too Concentrated?
Are Markets Too Concentrated? Industries are increasingly n its heyday in the late 19th and early 20th centuries, Standard Oil concentrated Company and Trust controlled as much as 95 percent of the oil refining in the hands of Ibusiness in the United States. Domination of markets by large firms like Standard Oil was emblematic of the so-called Gilded Age, and it sparked fewer firms. an antitrust movement. Ultimately, in 1911 the U.S. Supreme Court would order Standard Oil broken up into more than 30 companies. But is that a Today, many sectors of the economy exhibit similar levels of concentra- tion. Google accounts for more than 90 percent of all search traffic. Between bad thing? them, Google and Apple produce the operating systems that run on nearly 99 percent of all smartphones. Just four companies — Verizon, AT&T, Sprint, and T-Mobile — provide 94 percent of U.S. wireless services. And the five largest banks in America control nearly half of all bank assets in the country. By Tim Sablik In response to rising concentration in these and other industries (see chart), commentators and politicians from both sides of the political spec- trum have expressed alarm. William Galston and Clara Hendrickson of the Brookings Institution wrote in a January report, “In 1954, the top 60 firms accounted for less than 20 percent of GDP. Now, just the top 20 firms account for more than 20 percent.” And a 2017 article in the American Economic Review by David Autor, Christina Patterson, and John Van Reenen of the Massachusetts Institute of Technology; David Dorn of the University of Zurich; and Lawrence Katz of Harvard University reported that concen- tration increased between 1982 and 2012 in six industries accounting for four- fifths of private sector employment. -
Declining Competition and Investment in the U.S.∗
Declining Competition and Investment in the U.S.∗ Germ´anGuti´errezy and Thomas Philipponz November 2017 Abstract Since the early 2000's, US industries have become more concentrated and profitable while non residential business investment has been weak relative to fundamentals. The interpretation of these trends is controversial. We test four explanations: decreasing domestic competition (DDC); increases in the efficient scale of operation (EFS); intangible investment (INTAN); and globalization (GLOBAL). We first present new evidence that supports DDC against EFS: concentration rose in the U.S. but not in Europe; the relationship between concentration and productivity was positive in the 1990s, but is zero or negative in the 2000s; and industry leaders cut investment when concentration increased. We then establish the causal impact of competi- tion on investment using three identification strategies: Chinese competition in manufacturing; noisy entry in the late 1990s; and discrete jumps in concentration following large M&As. Tak- ing into account INTAN and GLOBAL, we find that more (less) competition causes more (less) investment, particularly in intangible assets by industry leaders. We conclude that DDC has resulted in a shortfall of non residential business capital of 5 to 10% by 2016. ∗We are grateful to Bob Hall, Janice Eberly, Steve Davis and Christopher House for their comments and discussions, as well as Viral Acharya, Manuel Adelino, Olivier Blanchard, Ricardo Caballero, Charles Calomiris, Alexandre Corhay, Emmanuel Farhi, Jason Furman, Xavier Gabaix, John Haltiwanger, Campbell Harvey, Glenn Hubbard, Ron Jarmin, Boyan Jovanovic, Sebnem Kalemli-Ozcan, Ralph Koijen, Howard Kung, Javier Miranda, Holger Mueller, Valerie Ramey, David Robinson, Tano Santos, Ren´eStulz, Alexi Savov, Philipp Schnabl, Jose Scheinkman, Martin Schmalz, Lukas Schmid, Carolina Villegas-Sanchez, Johannes Wieland, Luigi Zingales, and seminar participants at NYU, ESSIM, Columbia University, University of Chicago, Harvard, Duke, NBER EFG and NBER ME meetings for stimulating discussions. -
Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics National Bureau of Economic Research (NBER) (Ed.) Periodical Part NBER Reporter Online, Volume 2006 NBER Reporter Online Provided in Cooperation with: National Bureau of Economic Research (NBER), Cambridge, Mass. Suggested Citation: National Bureau of Economic Research (NBER) (Ed.) (2006) : NBER Reporter Online, Volume 2006, NBER Reporter Online, National Bureau of Economic Research (NBER), Cambridge, MA This Version is available at: http://hdl.handle.net/10419/61989 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu NBER Reporter NATIONAL BUREAU OF ECONOMIC RESEARCH Reporter OnLine at: www.nber.org/reporter SUMMER 2006 Program Report IN THIS ISSUE Program Report: Industrial Organization 1 Industrial Organization Research Summaries: Europe 8 Consumer Demand for Health Insurance 10 Nancy L. -
2020 Macro Finance Research Program Summer Session for Young Scholars Agenda · Tuesday, July 28, 2020 Times Are Central Time (UTC/GMT-5)
JULY 28-31, 2020 • THE UNIVERSITY OF CHICAGO 2020 Macro Finance Research Program Summer Session for Young Scholars Agenda · Tuesday, July 28, 2020 Times are Central Time (UTC/GMT-5) 8:45 a.m. VIRTUAL CONFERENCE ROOM OPENS 9:00 a.m. Opening Remarks Lars Peter Hansen, David Rockefeller Distinguished Service Professor in Economics, Statistics, Booth School of Business & the College, The University of Chicago 9:05 a.m. Inequality and Indebted Demand Amir Sufi, Bruce Lindsay Professor of Economics and Public Policy, The University of Chicago Booth School of Business 11:05 a.m. BREAK 11:25 a.m. LUNCH BREAK & YOUNG SCHOLAR SESSIONS Presentations are 10 minutes followed by a 5-minute discussion. Credibility, Pass-Through and Monetary Policy in Latin America Santiago Camara, Northwestern University Consumption and Portfolio Rebalancing Response of Households to Monetary Policy: Evidence of the HANK Channel Yeow Hwee Chua, National University of Singapore The Corporate Supply of (Quasi) Safe Assets Lira Mota, Columbia Business School When Do Currency Unions Benefit from Default? Xuan Wang, University of Oxford 12:25 p.m. Cryptocurrencies and Central Bank Digital Currencies Harald Uhlig, Bruce Allen and Barbara Ritzenthaler Professor of Economics, The University of Chicago 2:25 p.m. BREAK 2:45 p.m. A Demand System Approach to Understand Global Financial Markets Ralph S.J. Koijen, AQR Capital Management Professor of Finance, The University of Chicago Booth School of Business 4:45 p.m. CONFERENCE ADJOURNS Wednesday, July 29, 2020 8:45 a.m. VIRTUAL CONFERENCE ROOM OPENS 9:00 a.m. The Role of the US Dollar in Global Capital Markets Wenxin Du, Associate Professor of Finance, The University of Chicago Booth School of Business 11:00 a.m. -
Annual Meeting of the Latin American and Caribbean Economic Association (LACEA) and the Latin American Meeting of the Econometric Society (LAMES)
2017, 9 - 11 November Annual Meeting of the Latin American and Caribbean Economic Association (LACEA) and the Latin American Meeting of the Econometric Society (LAMES) Wednesday, November 8th 6:45 - 8:15 p.m. Welcome Cocktail This event is sponsored by Banco Ciudad Venue Banco Ciudad, Sarmiento 611, 6th floor, CABA Thursday, November 9th 07:30 - 09:00 Registrations 09:00 - 09:30 Opening Ceremony Venue Montserrat Thursday November 9th, 9:45 - 11:15 a.m. Invited Sessions 1 IS1-02 Quinquela Bridging Academic Research and Policy Making: Insights from Argentina and Brazil Sebastian Galiani, Ministerio de Economía y Hacienda, Argentina João Manoel Pinho de Mello, Ministério da Fazenda, Brazil Chair: Pablo Sanguinetti (CAF – Development Bank of Latin America) IS1-03 Mozart Urban Economics The Joy of Flying: Efficient Airport PPP contracts » Eduardo Engel (Universidad de Chile), Ronald Fischer (Universidad de Chile) and Alexander Galetovic (Universidad de los Andes) Urban Form and Driving: Evidence from US cities » Matthew Turner (Brown University) and Gilles Duranton (University of Pennsylvania) Chair: Gustavo Canavire Bacarreza (Universidad EAFIT) 1 IS1-04 Chopin Education This session is sponsored by Fundación Bunge & Born School Value Added and External Validity » Miguel Urquiola (Columbia University) Does Vietnam's Apparent Success in Student Performance Have Policy Implications for Other Developing Countries? A Comparative Analysis of Vietnam and Developing Countries in Africa, Asia and Latin America » Paul Glewwe (University of Minnesota) -
No. 37 Terri Parrish
Editors: Maryann Semer Fall 2004, No. 37 Terri Parrish This edition covers events and publications involving economists at Northwestern for the period of September 1, 2003 through August 31, 2004. Additional copies are available from the editor in Room 350, Andersen Hall. APPOINTMENTS, HONORS, AND GRANTS RON BRAEUTIGAM has been appointed Associate Dean for Undergraduate Studies in the Weinberg College of Arts and Sciences. Ron was also selected to the Associated Student Government Faculty/Administrator Honor Roll for 2004. LOUIS CAIN completed his term as President of the Illinois Economics Association in October 2003 and continued as Chairman of the Board of Trustees of the Cliometric Society. In January 2004, he was appointed an assistant editor of Macmillan’s The History of World Trade Since 1450. EDDIE DEKEL’s NSF grant “Assessment via Contests: (1) Persistence in Occupation Choice; (2) Over/Underconfidence and Interaction Levels,” was renewed for the period July 1, 2003 through June 30, 2004. Dekel continues to serve as Editor of Econometrica. JEFF ELY was awarded a Research Fellowship for the years 2003-2004 from the Alfred P. Sloan Foundation. In addition, the NSF extended funding for his project “CAREER: Economic Theory at Northwestern” for the year 2004. Jeff was named to the editorial boards of Journal of Economic Theory and BE Press Journal of Theoretical Economics. ROBERT J. GORDON has been reappointed as a Senior Member of the Brookings Panel on Economic Activity, as a member of the economic advisory panels of the Congressional Budget Office and the Bureau of Economic Analysis, and as a research affiliate of OFCE in Paris. -
The State of Competition and Dynamism: Facts About Concentration, Start-Ups, and Related Policies
ECONOMIC FACTS | JUNE 2018 The State of Competition and Dynamism: Facts about Concentration, Start-Ups, and Related Policies Jay Shambaugh, Ryan Nunn, Audrey Breitwieser, and Patrick Liu WWW.HAMILTONPROJECT.ORG ACKNOWLEDGMENTS We thank Lauren Bauer, Kimberly Bayard, Ryan Decker, David Dreyer, Florian Ederer, Joy Fox, Germán Gutiérrez, James Kwoka, Robert Litan, Ioana Marinescu, Kriston McIntosh, Benjamin Pugsley, Douglas Webber, and David Wessel for insightful feedback, as well as Jana Parsons and Becca Portman for excellent research assistance. The contributions of Rachel Williams were particularly valuable to this paper. We would also like to thank Jason Furman, Germán Gutiérrez, and Thomas Philippon for generously sharing their data. MISSION STATEMENT The Hamilton Project seeks to advance America’s promise of opportunity, prosperity, and growth. The Project’s economic strategy reflects a judgment that long-term prosperity is best achieved by fostering economic growth and broad participation in that growth, by enhancing individual economic security, and by embracing a role for effective government in making needed public investments. We believe that today’s increasingly competitive global economy requires public policy ideas commensurate with the challenges of the 21st century. Our strategy calls for combining increased public investments in key growth-enhancing areas, a secure social safety net, and fiscal discipline. In that framework, the Project puts forward innovative proposals from leading economic thinkers — based on credible evidence and experience, not ideology or doctrine — to introduce new and effective policy options into the national debate. The Project is named after Alexander Hamilton, the nation’s first treasury secretary, who laid the foundation for the modern American economy.